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The gold price tumbled $21.33, or 1.4%, to $1,545.09 per ounce Wednesday
morning amid widespread liquidation on Wall Street. The spot price of gold
moved modestly lower alongside other commodities in overnight trading,
but later extended its losses as the U.S. dollar surged higher against a
composite of foreign currencies.

The gold price sell-off was accompanied by particular weakness the
euro, which fell 0.8% to 1.2584 against the dollar ahead of a key euro
zone meeting. With the decline, the euro reached its lowest level
against the dollar since July 2010, during the depths of an earlier
phase of the European sovereign debt crisis.

Later today, European policymakers will hold an informal summit to
consider proposals to improve economic growth, including the possibility
of euro-zone bonds. However, officials in Germany and France remain
divided over various policy measures, and the looming Greek election on
June 17 is likely to continue to weigh on the global economy in the
weeks ahead.

Commenting on the implications for the gold price, analysts at UBS
wrote in a note to clients that “As uncertainty mounts leading up to the
June 17 Greek elections, we’re more inclined to bet on a higher gold
price but a Greek exit, while most likely fuelling considerable physical
gold demand in Europe, could spark a sizeable deleveraging and
dis-investment in financial markets.”
UBS added that “The paper gold market would not be immune to this
selling. That is gold’s risk and it’s feasible to think the metal could
fall below last week’s low of $1,527 before ultimately rebounding
sharply.”

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Malaysia Gold Investment

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